by Sanford Okura | Oct 29, 2010 | Articles
To avoid probate, people sometimes put loved ones’ names on property or bank accounts as “joint tenants.” When one joint tenant dies, his or her share automatically passes to the other joint tenants. Joint tenancy does avoid...
by Sanford Okura | Sep 17, 2010 | Trusts and Wills
If you have an existing estate plan, you are probably already familiar with the benefits of creating a Revocable Living Trust. One of the biggest advantages of a Revocable Living Trust is the ability to avoid probate. Probate is a court process when a...
by Sanford Okura | Aug 21, 2010 | Articles
In the Estate Planning Insights column for October 2009, I explained the “stepped up basis.” When a person dies owning property such as real estate or stocks, the fair market value of that property on the date of death will become the new tax basis of that property. ...
by Sanford Okura | Jul 19, 2010 | Articles
WHY YOU SHOULD CONVERT TO A ROTH IRA Forget all the articles you have read about whether you should convert to a Roth IRA. Forget about “Roth IRA Conversion Calculators.” If you have a substantial amount in a retirement plan that can be converted to a Roth IRA, you...
by Sanford Okura | Jun 26, 2010 | Estate Taxes and Gift Taxes
There is now a new Hawaii estate tax. The bill proposing the tax (House Bill 2866) was vetoed by Governor Lingle on April 25, 2010. The Hawaii legislature overrode the veto on April 29, 2010, and the bill became Act 74 on April 30, 2010. It imposes a tax on the...
by Sanford Okura | May 21, 2010 | Medicaid and Nursing Home Costs
PROTECT YOUR HOME FROM MEDICAID LIENS (PART 3) Last month and the month before, I explained how to protect your home from Medicaid liens. In my April column, I described how a parent can transfer the family residence to the children, and keep a “life...
by Sanford Okura | Apr 16, 2010 | Medicaid and Nursing Home Costs
PROTECT YOUR HOME FROM MEDICAID LIENS (PART 2) Last month we discussed the dangers of having the government put a Medicaid lien on your home and property if you end up in a nursing home. Remember, a “revocable living trust” cannot protect your home from...
by Sanford Okura | Mar 20, 2010 | Medicaid and Nursing Home Costs
PROTECT YOUR HOME FROM MEDICAID LIENS More and more senior citizens are becoming concerned about nursing home costs. No one really wants to go to a nursing home. Nearly every elderly person would prefer to stay at home. However, no matter how much...
by Sanford Okura | Feb 24, 2010 | Estate Taxes and Gift Taxes
2010 – AN UNUSUAL YEAR FOR TAX LAW There is no federal estate tax this year. Since the State of Hawaii has no inheritance tax, Hawaii residents can die this year with any amount of assets and pay no death taxes at all. This is only for the year 2010. ...
by Sanford Okura | Dec 18, 2009 | Articles
TENANTS BY THE ENTIRETY Most married couples in Hawaii buy their home as “tenants by the entirety.” Many have transferred their home to their trusts. Which is better? To own your home as tenants by the entirety, or to put your home into your trusts? Let’s look at...
